Question

7100 dollars is placed in an account with an annual interest rate 7.75%. how much will be in the account after 30 years to the nearest cent?

Answer 1

`~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$7100\\ r=rate\to 7.75\%\to (7.75)/(100)\dotfill &0.0775\\ t=years\dotfill &30 \end{cases} \\\\\\ A = 7100[1+(0.0775)(30)] \implies A=7100(3.325)\implies A = 23607.5`